Free preview: 20 questions.
Transactions are often categorized between capital and revenue
Which of the following combinations are correct?
A business banks its takings for the week. The bank account at the start of the week shows an
overdraft
Which of the following is the dual effect?CORRECT TEXT An extract from PQ's statement of profit or loss for the year ended 31 March 20X6 is shown below: 
What is the mark-up percentage that PQ applies in arriving at its selling price? Give your answer to one decimal place 
CORRECT TEXT Refer to the exhibit. 
The bookkeeper of Joshua Ltd has absconded with the petty cash. The following was available: How much has the bookkeeper stolen during the year?
CORRECT TEXT EFG pays employees $10 per hour The following rates of tax and social security are applicable. 
An employee works 38 hours in a week. What is the amount employee receives for one week’s work? Given you answer to the nearest $. 
CORRECT TEXT A company has profit before tax and dividends of £500000. The share capital consists of 1000000 ordinary shares of £1 each and 100000 10% preference shares of 50p each. A 10p dividend was declared on ordinary shares. Assuming there was no tax liability for the period, profit retained for the period was
CORRECT TEXT A company uses the reduced balance method of depreciation for its company vehicles. The vehicles are depreciated at a rate of 30% per annum. On 31 March 2003 the company purchased a number of vehicles with a total cost of $200,000. The company's year-end is 31 December and it is company policy to charge a full year's depreciation in the year of acquisition. The carrying value of the vehicles at 31 December 2006 will be
CORRECT TEXT DE has the following incomplete non-current register extract at 301 at December 20X7: 
What is the useful economic life (UEL) (in years) of this asset which should be entered into the non- current asset register? 
CORRECT TEXT The profit earned by Subramanian in 2006 was £ 50,000. He injected new capital of £12,000 during the year and withdrew goods for his private use that cost £4,000. If net assets at the beginning of 2006 were £10,000, what were the closing net assets?
CORRECT TEXT Refer to the Exhibit. 
A company operates a FIFO system of inventory valuation. The following information is available for the month of April: The closing value of inventory at the end of the month of April is
